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Major shipping line MSC in temporary pull out from SL

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By Hiran H.Senewiratne 

CSE activities were sluggish and flat yesterday due to the absence of positive things to drive the market owing to the Covid 19 pandemic situation, market observers said.

It is said that major shipping line MSC had decided to temporarily pull  out of Sri Lanka due to a long delay in Colombo port handling operations. As per Customs statistics, earnings from merchandise exports recorded a negative growth of 14.9 percent  in October 2020 down to US $ 831.72 million as compared to $ 977.3 million a year earlier. This has  created a lull in the market, stock market analysts said. 

MSC will go to Dubai and Singapore ports thus diverting revenue from Colombo port. At present a huge backlog is prevalent in the port, market analysts said.  

Consequently, both CSE indices evinced mixed reactions. The All Share Price Index went down by 1.37 points and S and P SL20 rose by 11.26 points. Turnover stood at Rs. 1.39 billion with four crossings. 

Those crossings were reported in Sampath Bank, where 560,000 shares crossed for Rs. 69.7 million, per share value being Rs. 124.50, CTC 69,500 shares crossed for Rs. 67.8 million, a share trading at Rs. 960, Renuka Hotel 462,000 shares crossed for Rs. 30 million, its per share value being Rs. 65 and Aitken Spence 500,000 shares crossed for Rs. 23.3 million with its shares trading at Rs. 46.50.

In the retail market, top five contributors to the turnover were; Expolanka Rs. 160 million ( 6.2 million shares traded), Hemas Hotel Rs. 132 million (1.7 million shares traded), Dipped Products Rs. 87.5 million (270,000 shares traded), Sampath Bank Rs. 60.8 million (488,000 shares traded) and Tokyo (Non Voting) Rs. 56.5 million  (1.08 million shares traded). During the day 58.4 million share volumes changed hands in 15785 transactions. 

Sri Lanka rupee quoted weaker at 184.90/185.15 to the US dollar in the spot market on Monday, while gilt yields were flat in dull market trade, dealers said. The rupee closed at 184.75/80 to the US dollar on Friday.

 

 



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Business

Newly developed Sathosa Motors Service Complex to service all vehicle brands

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Sathosa Motors PLC and its new state-of-the-art vehicle service complex, is now serving not just Isuzu but also any brand of vehicle.

Pioneering automotive specialist, Sathosa Motors is the sole authorized agent for the world-renowned Isuzu brand, but the newly developed service complex will now undertake all kinds of services required for any brand of vehicle.

 The internationally trained specialists are ready to serve you at the Sathosa Motors Service Complex now on weekdays from 8.00 am to 5.00 pm and on Saturday from 8.00 am to 1.00 pm at No 25, Vauxhall Street, Colombo 02.

Sathosa Motors PLC guarantees its customers reliable and convenient service and will undertake vehicle inspections, periodic maintenance, body and under carriage washing, interior cleaning and beautification, engine tuning, error diagnosis, accident repairs, air condition repairs, and many more at a highly affordable rate.

In addition, genuine spare parts, as well as lubricants and industrial services are available at discounted prices at the Service Complex.

Sathosa Motors PLC aims to provide high quality services at all times and all services are carried out strictly under health guidelines due to the prevailing COVID-19 pandemic situation.

Sathosa Motors announces that it has decided to keep all branches of the Sathosa Motors service network open to continue to serve its customers.

 

(Sathosa Motors)

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CSE trading bullish despite rupee hitting historic low against dollar

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By Hiran H.Senewiratne 

CSE trading activities were bullish despite Sri Lanka’s rupee registering a historic slump against the US dollar   at 202/205 to the one month dollar in mid morning trade yesterday, after opening at around 200/203.The stock market moved up, though, anticipating March quarterly results to be exceptional. This is expected to be particularly true of the Hayleys Group and Expolanka. Accordingly, investors seem to be re-entering the market after January, stock market analysts said.

Further, approval of the US $ 500 million Chinese loan and the fact that the Port City Bill has been tabled in parliament have lifted investor sentiment in a significant direction of the stock market, market analysts said. Amid those developments, both indices moved upwards, especially the All Share Price Index went up by 1.22 percent. The All Share Price Index rose by 92.35 points and S and P SL20 went up by 19.21 points. Turnover stood at Rs. 4.72 billion with four crossings. 

Those crossings were reported in JKH, which crossed 922,000 shares to the tune of Rs. 137.8 million, its shares traded at Rs. 149.25, Commercial Bank 950,000 shares crossed for Rs. 82.7 million, its shares traded at Rs. 87, HNB 155,000 shares crossed for Rs. 26.5 million, its shares traded at Rs. 132 and Ceylon Cold Stores 33,500 shares crossed for Rs. 20.1 million, its shares fetching Rs. 600.

In the retail market, five companies that mainly contributed to the turnover were, Browns Investments Rs. 793.6 million (123.1 million shares traded), LOLC Rs. 463.4 million (1.32 million shares traded), Royal Ceramic Rs. 442 million (1.2 million shares traded), Hayleys Rs. 442 million (five million shares traded), Dipped Products Rs. 372.3 million (6.2 million shares traded). During the day 197.3 million share volumes changed hands in 30480 transactions. 

The market was quite bullish from the beginning and LOLC Group companies led the market. It is said that LOLC contributed 25.5 points to the All Share Price Index. Browns Investments 9.8 points and Vallibel One contributed 8 points to the All Share Price Price Index while Commercial Leasing contributed six points.    

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‘Embark on that long-awaited getaway with Emirates and enjoy special fares’

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Emirates is launching seasonal fares that enable aspiring globetrotters to plan exciting adventures around the world as well as for students preparing to travel overseas. With Emirates’ generous booking policies, customers have the option to lock in these special fares and extend ticket validity for up to three years, enjoying greater flexibility and confidence when planning travel during unprecedented times.

Travellers in Sri Lanka can look forward to flight deals on all routes in Emirates’ global network, with return fares starting at only Rs 68,700 in Economy Class or Rs 257,500 in Business Class. These special seasonal fares are available for bookings made from 13 to 26 April 2021, and are valid for travel between 16 April and 30 September 2021*.

Featured destinations and starting Economy Class fares include: US$ 342 (about Rs 68,700 at current exchange rates) to Dubai, US$ 654 (about Rs 131,300) to Milan, US$ 644 (about Rs 129,300) to Paris, US$ 1,117 (about Rs 224,200) to New York, US$ 1,303 (about Rs 261,500) to Toronto and US$ 966 (about Rs 193,900) to Nairobi.

Special Business Class fares start at US$ 1,283 (approximately Rs 257,500) to Dubai, from US$ 3,127 (about Rs 627,600) to Milan, US$ 2,860 (about Rs 574,000) to Paris, US$ 3,618 (about Rs 726,100) to New York, US$ 3,654 (about Rs 733,300) to Toronto and US$ 2,179 (about Rs 437,300) to Nairobi. All fares in Rupees are subject to the rate of exchange on the day of purchase.

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